Projected GDP growth in 2023 In the USA and Canada is 1.6% & 1.5% respectively. The International Monetary Fund (IMF) forecasts the real GDP to
Projected GDP growth in 2023 In the USA and Canada is 1.6% & 1.5% respectively. The International Monetary Fund (IMF) forecasts the real GDP to increase by 2.0% in Spain and 1.5% in Canada in 2024, thus ranking Canada as the second-highest Real GDP growth among the G7 nations over the next two years.
GDP growth is a reliable indicator of how well-off a country’s economy is, following improvements in economic prosperity and employment, as businesses frequently hire more staff to meet the escalating demand for goods and services during times of rapid real GDP development. The positive influx of cash flows in the market because of soaring productivity with the Real GDP increase in a nation is crucial for recent immigrants to Canada since it suggests that more employment chances may open across the country, thus helping them land a job that enables them to earn money and build a comfortable life on the foreign land.
Moreover, having more spare money is especially advantageous for immigrants to Canada because of the country’s mercurial prices for everything from food to home utilities to transportation. The more disposable income newcomers have, the more likely it is that they will be able to establish economic stability in the nation.
What part does immigration contribute to the growth of real GDP in Canada?
Immigrants are playing an indispensable role in the expansion of Canada’s real GDP as they are an addition to the number of people who can produce products and services, which strengthens the Canadian workforce which indicates that as Canada continues to accept new immigrants, its Real GDP will likely increase at the same time.
Immigration has always been the backbone of the Canadian economy by filling gaps in the labor force by supplying highly skilled workers like engineers, doctors, lawyers, and many such professionals These immigrants spend on services, goods, housing, public transit, and paying taxes thus contributing to the positive cash flow of the economy. Canada has an aging demography and low birth rates; hence immigration contributes significantly to the economy. In the most challenging times of the pandemic, immigrants have contributed greatly to the welfare of our society by opting for vulnerable jobs like security, health care centers, caregivers, etc.
According to Canada’s Immigration Levels Plan for 2023–2025, the government aspires to welcome 465,000 new immigrants by the end of 2023, another 485,000 in 2024, and 500,000 new permanent residents in 2025.